Crude flat price remained supported above $85/bbl levels on Friday afternoon, trading at $85.33/bbl at 17:20 GMT. Prices saw a very comfortable weekly gain, topping $85/bbl for the first time since November. The narrative has been one of supply tightness as both crude oil and gasoline inventories falling in the US, with there also being expectations of US refiner buying before summer driving season. However, a stronger dollar following confirming of sticky US inflation has limited the upside, with the market pricing in less Fed rate cuts this year. The Indian government has raised its windfall tax on petroleum crude to 4900 rupees ($59.15) a tonne from 4600 rupees with effect from March 16. Angola seeks financing from China or private investors to build a refinery at the port city of Lobito, a petrochemical plant and a military air force base, President Joao Lourenco said. The Angolan president is in China this week. The front- and 6-month Brent futures spreads are at $0.61/bbl and $3.87/bbl respectively.
